February 26, 2015
As reported by Yahoo! Finance, Andy Corken, SIOR of The Modal Group surfaced these points:
-Begins February 1, 2015 (went in to effect Jan 1, 2015)
-6.25% on online purchases to be paid to Illinois Department of Revenue
-This new law passed in Illinois to treat online retailers and traditional “bricks and mortar” retailers equally
-Initiatives are underway to become a Federal law.
-Experts expect Amazon sales to drop as much as 10%
-Not all internet sales will be taxed by Illinois currently; only retailers that have a “taxable presence” in the state such as a physical distribution center or “affiliates”